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https://sputnikarabic.ae/20240201/Tunisia-abandons-financing-the-International-Monetary-Fund-and-turns-to-its-central-bank-1085654457.html
Tunisia abandons IMF financing and resorts to its central bank
Tunisia abandons IMF financing and resorts to its central bank
The Tunisian Parliament began discussing a draft law related to “licensing the Central Bank of Tunisia to grant facilities for the benefit of the country’s public treasury,” in a step towards moving toward reliance… 01.02.2024, Sputnik Arabic
2024-02-01T16:00+0000
2024-02-01T16:00+0000
2024-02-01T16:00+0000
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The President of the Tunisian Republic, Kais Saied, rejected, earlier, the dictates coming from the Fund’s experts related to reviewing the support policy, reforming government companies, and reducing the wage pool in the government sector, and considered it to affect “civil peace.” This law, which the government asked Parliament to urgently consider, aims to In it, “the Central Bank is authorized, on an exceptional basis, to grant facilities to the benefit of the Tunisian public treasury, within the limits of a net amount estimated at seven thousand million dinars (2.3 billion dollars), to be repaid over a period of ten years, including three years of grace and without interest.” In the year 2023, the Tunisian president called for Kais Saied called for the need to review the law on the independence of the Central Bank in a way that allows it to finance the budget directly by purchasing state bonds. A threat to the independence of the bank. Economists believe that the step that the Tunisian government seeks to adopt threatens the independence of the Central Bank through broader state intervention in monetary policies. , especially in light of the difficulty of external borrowing. Economist Aram Bel Haj told Sputnik, “The draft law submitted to Parliament related to exceptionally allowing the Central Bank to provide facilities to the state treasury includes many risks that affect the independence of the Central Bank.” He adds that “Direct financing of the budget by the Central Bank is more dangerous than going directly to the International Monetary Fund.” Belhaj pointed out that “the solution to the budget deficit is to revise the public finances as a whole, and its revision is not summed up in a single chapter that allows the bank to finance its deficit.” Belhaj continued the conversation. With “Sputnik”, he said, “Direct financing of the state treasury by purchasing bonds from the central bank can lead the government towards easy solutions and prevent it from focusing on structural reforms, which can help us get out of the complex public finance crisis.” And in 2022, Central Bank Governor Marwan Al-Abbasi, during his presence in Parliament, warned of the government’s plans to ask the central bank to buy bonds. He added: “Direct financing of the budget by the central bank will raise inflation uncontrollably,” warning that this may lead to “a recurrence of… The Venezuelan scenario in Tunisia. In a statement to Sputnik, the former Director General of Monetary Policies at the Central Bank, Mohamed Suwailem, considered that “direct access to financing from the Central Bank’s treasury will lose the Tunisian state’s credibility and make it rely on easy solutions, such as turning to financing directly from the bank.” The Central Bank without considering the negative repercussions that this decision could have.” Sweilem adds, “The Tunisian state, instead of putting pressure on expenses and maintaining financial balances, chose to borrow from the Central Bank as a last resort to provide loans without interest rates.” The spokesman pointed out that these solutions Easy is not a good thing because “if there is no strictness in public finance, the consequences will be dire, the first of which is monetary policy, which will not return to the benefit of the management of the central bank, and here its independence and efficiency will be compromised.” Sweilem also pointed out that the Tunisian government resorted to this measure in 2020. Therefore, “the issue of authorizing the Central Bank to finance the budget deficit this time must be an exceptional solution and not repeated a third time.” Tunisia is relying on itself. On the other hand, the Secretary-General of the “July 25 Track” party (supporting President Kais Saied), Mahmoud Ben Mabrouk, considered, In a comment to “Sputnik”, the Tunisian state’s tendency to borrow from the Central Bank is a “right decision” after the Tunisian state completely abandoned the issue of borrowing from the International Monetary Fund. Ibn Mabrouk criticized the statements of the Central Bank Governor, Marawan Al-Abbasi, in which he said that “the decision to borrow From the Central Bank is very dangerous and will contribute to a rise in the inflation rate,” he said, “and that the statements he adopted represent a danger to the Tunisian state.” Our interlocutor also pointed out that “this step is in the interest of the citizen by reducing the interest rate, and that the President of the Republic is looking into During which solutions were sought to save public finances.” The Secretary-General of the “July 25 Track” party added that “resorting to borrowing from the Central Bank will restore the Tunisian state’s prestige and value by relying on its own capabilities and disengaging from those who depend on its decisions.”
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The Tunisian Parliament began discussing a draft law related to “licensing the Central Bank of Tunisia to grant facilities for the benefit of the country’s public treasury,” in a step towards relying on internal borrowing after the faltering negotiations with the International Monetary Fund.
Earlier, the President of the Tunisian Republic, Kais Saied, rejected the dictates coming from the Fund’s experts related to reviewing the support policy, reforming government companies, and reducing the wage pool in the government sector, and considered them to affect “civil peace.”
This law, which the government asked Parliament to expedite consideration of, aims to “authorize the Central Bank, on an exceptional basis, to grant facilities for the benefit of the Tunisian public treasury, within the limits of a net amount estimated at seven thousand million dinars ($2.3 billion), to be repaid over a period of ten years, including three years of grace.” And without employing benefits.”
3 June 2023, 20:19 GMT
A threat to the bank’s independence
Economists believe that the step that the Tunisian government is seeking to adopt threatens the independence of the Central Bank through broader state intervention in monetary policies, especially in light of the difficulty of external borrowing.
Economist Aram Belhaj told Sputnik, “The draft law submitted to Parliament regarding exceptional permission for the Central Bank to provide facilities to the state treasury includes many risks that affect the independence of the Central Bank.”
He adds, “Direct financing of the budget by the Central Bank is more dangerous than going directly to the International Monetary Fund.”
26 September 2023, 12:21 GMT
Belhaj pointed out that “the solution to the budget deficit is to revise the public finances as a whole, and its revision is not summed up in a single chapter that allows the bank to finance its deficit.”
In 2022, Central Bank Governor Marwan Al-Abbasi, during his presence in Parliament, warned of the government’s plans to ask the Central Bank to buy bonds, and added: “Direct financing of the budget by the Central Bank will raise inflation uncontrollably,” warning that this may It leads to “repeating the Venezuelan scenario in Tunisia.”
In a statement to “Sputnik,” the former Director General of Monetary Policies at the Central Bank, Mohamed Suwailem, considered that “direct access to financing from the Central Bank’s treasury will make the Tunisian state lose its credibility and make it rely on easy solutions, such as turning to financing directly from the Central Bank without considering the negative repercussions.” which may result in this decision.
2 October 2023, 15:48 GMT
The spokesman pointed out that these easy solutions are not a good thing because “if there is no strictness in public finances, the consequences will be dire, the first of which is monetary policy, which will not return to the benefit of the management of the central bank, and here its independence and effectiveness will be undermined.”
Sweilem also pointed out that the Tunisian government resorted to this procedure in 2020, and therefore “the issue of authorizing the Central Bank to finance the budget deficit this time must be an exceptional solution and not repeated a third time.”
Tunisia is self-supporting
On the other hand, the Secretary-General of the “July 25 Path” party (which supports President Kais Saied), Mahmoud Ben Mabrouk, in a comment to “Sputnik”, considered that the Tunisian state’s tendency to borrow from the Central Bank is a “right decision” after the Tunisian state completely abandoned its The issue of borrowing from the International Monetary Fund.
28 December 2023, 08:39 GMT
Ibn Mabrouk criticized the statements of Central Bank Governor Marwan Al-Abbasi, in which he said that “the decision to borrow from the Central Bank is very dangerous and will contribute to an increase in the inflation rate,” saying: “The statements he adopted represent a danger to the Tunisian state.”
Our speaker also pointed out that “this step is in the interest of the citizen by reducing the interest rate, and that the President of the Republic is searching through it for solutions to save public finances.”
The Secretary-General of the “July 25 Track” party added that “resorting to borrowing from the Central Bank will restore the Tunisian state’s prestige and value by relying on its own capabilities and disengaging from those who depend on its decisions.”
